- Published: 18 December 2015 18 December 2015
Iberdrola USA and UIL Holdings Corporation have announced the closing of the merger between their companies effective. The merger creates a diversified energy and utility company with US$ 30 billion in assets and operations in 25 states.
The company will operate under the name AVANGRID, Inc., and it will trade on the New York Stock exchange under the symbol AGR. James P. Torgerson, President and Chief Executive Officer of UIL Holdings, became CEO of Avangrid. He will also serve on the Avangrid Board of Directors. Avangrid has a coast-to-coast presence with a workforce of approximately 7,000 employees in three subsidiary companies. Effective with the merger, Iberdrola USA Networks, Inc. owns and operates eight natural gas and electric utilities in the Northeast; Iberdrola Energy Holdings, Inc. is a natural gas storage and energy services company based in Houston, Texas; and Iberdrola Renewables, LLC operates 6.3GW of generation capacity, including 5.6GW of wind power at 53 wind farms in 18 states.